Felix Stalder on Thu, 11 Mar 2021 17:49:04 +0100 (CET)

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<nettime> what does monetary value indicate?

I'm sure many have followed the NFT art saga over the last couple of
months and seen today's headline that somebody just paid $ 69,346,250
for a NFT on a blockchain, meta-data to claim ownership of the
"originalcopy" of a digital art work.


I don't want to start a discussion on the revolutionary vs reactionary
character of this emerging art market. All of that has already been
said. If you want a close approximation of my perspective, I refer you
to this:


What I'm more interested in here is to ask two things.

What -- after a decade of quantitative easing and crypto-currencies
rising into the stratosphere -- monetary value is indicating for the
segment that profited the most from these developments and what does
that mean for the rest of us?

And, assuming that this is not a cartoon version of a potlatch where
wasting resources serves to put rivals to shame, how many different
scams -- money laundering would be an obvious contender -- are being
layered on top of one other to create this?

Quite puzzled. Felix

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